包括说这个，就是海外的这个 AMD，包括英特尔，然后这一块其实都会有一个这个就是 比较大的这个需求的一个拉动。然后同时第二个方面，就是我们认为可能也是有比较大弹 性的，就是由于这个包括 GPU，包括 GPU 的这个涨价，包括 CPU 和存储的一个涨价， 带动的云的一个涨价。也就是说整个，就包括说像这个阿里云、腾讯云，甚至包括说像小 云。优刻得这些所带来的这个，就是利润率，包括说利润的一个修复，包括说就是对前置 投资的这样一个，就是回报。 然后第三块我们就是觉得这个 CPU 的相关供应链，尤其是比如说它的这个就是载板，然 后由于这个扩产需要一定的这个周期，那么整体上这一块的一个涨价幅度有可能也会有一 个超预期的一个状态。最后包括说这个下游通用服务器这一块相关的这个服务器制造厂商 像浪潮信息，然后包括华勤，也会有相应的一个弹性。接下来就是整个汇报，就会有会先 由可夫来汇报一下这个，就是 agent 包括说就是整个可能说产业变化的一个情况。然后最 后我再来讲一下，就是相关，就比如说整个 agent 是怎么去把 CPU 的这个配比给提升上 去，然后到底是说提升的是 CPU 的数量，还是这个数量具体体现在。 包括说这个 ...

Summary of Intel's Earnings Call and Outlook Company Overview - **Company**: Intel Corporation - **Industry**: Semiconductors & Semiconductor Capital Equipment Key Points from the Earnings Call Financial Performance - **4Q25 Results**: Revenue was $13.67 billion, slightly above expectations, with a 0.2% increase quarter-over-quarter. This was driven by a 15% increase in Data Center and AI (DCAI) segment revenue, while Client Computing Group (CCG) revenue declined by 4% quarter-over-quarter [15][16] - **Gross Margin**: Gross margin for 4Q25 was 37.9%, which was better than the consensus estimate of 36.5% but down 210 basis points from the previous quarter [15][16] - **1Q26 Guidance**: Revenue guidance for 1Q26 is $12.2 billion, which is below the street estimate of $12.56 billion, indicating a potential decline of 12% quarter-over-quarter [15][16] Demand and Supply Dynamics - **Server CPU Demand**: There is a strong demand for server CPUs driven by AI workloads, but Intel is facing a wafer capacity shortage that limits its ability to meet this demand [1][15] - **PC Market Outlook**: The outlook for the PC market is less favorable, with a forecasted 9% decline in PC shipments in 2026 due to memory and storage supply constraints [1][15] Strategic Initiatives - **Product Roadmap**: Intel is focusing on high-end server CPUs (Diamond Rapids and Coral Rapids) to regain market share from competitors like AMD [1][15] - **Foundry Business**: The prospects for Intel's foundry business are improving, but significant customer engagement is expected to take years, and initial volume commitments from customers remain uncertain [1][15] Financial Estimates and Valuation - **Earnings Estimates**: Adjusted EPS for 2026 has been revised down to $0.61 from $0.71, reflecting a 13.9% decrease [2][19] - **Price Target**: The price target has been slightly increased to $35, based on a group multiple of 25-30x on $1.16 of earnings power exiting 2026 [10][19] Risks and Challenges - **Market Position**: Intel is at risk of further market share loss in its product businesses, particularly in server CPUs, due to supply constraints and strong competition from AMD [1][15] - **Foundry Economics**: The foundry business is still largely unproven, with limited traction among external customers, which may challenge its economics and scale through the end of the decade [1][15] Additional Insights - **Cash Flow**: Intel generated $4.29 billion in cash from operations in 4Q25, with capital spending of approximately $3.49 billion [18] - **Market Capitalization**: As of January 22, 2026, Intel's market cap is approximately $263.78 billion [8] This summary encapsulates the critical financial metrics, strategic initiatives, and market outlook for Intel, highlighting both opportunities and risks in the current semiconductor landscape.

Summary of Intel Corp Q4 2025 Earnings Call Company Overview - **Company**: Intel Corp (Ticker: INTC) - **Industry**: U.S. Semiconductors Key Financial Results - **Q4 2025 Results**: - Revenue: $13.7 billion, exceeding Street expectations of $13.4 billion [12][20] - Non-GAAP EPS: $0.15, above consensus of $0.09 [12][20] - Gross Margin: 37.9%, beating expectations of 36.5% [12][20] - **Datacenter Revenue**: Strong performance at approximately $4.7 billion, exceeding consensus by over $400 million [12][20] - **Client Computing Group (CCG) Revenue**: $8.2 billion, down ~7% YoY and ~4% QoQ, below consensus [14][20] Q1 2026 Outlook - **Guidance**: - Revenue expected at ~$12.2 billion, below Street estimates of $12.6 billion [13][35] - Non-GAAP EPS forecasted at $0.00, below consensus of $0.07 [35] - Gross Margin projected to decline to 34.5%, down ~340 bps QoQ [16][35] - **Supply Constraints**: Continued prioritization of server shipments over client shipments, leading to a more pronounced decline in CCG revenues [16][35] Investment Implications - **Rating**: Market-Perform with a price target of $36, indicating a potential downside of 34% from the current price [5][19] - **Concerns**: - Supply constraints and misjudged capacity footprint may exacerbate share losses [15][17] - Higher memory and component prices could impact client market growth [16][19] Additional Insights - **Operational Challenges**: - The ramp of the 18A process technology is progressing but remains margin dilutive [15][17] - Non-controlling interest from SCIP deals may lead to material earnings headwinds [18][36] - **Market Performance**: Stock has risen 47% in the past three weeks, primarily driven by market sentiment rather than fundamentals [15][17] Financial Metrics - **Capex**: Expected to be flat to down slightly YoY, with Opex maintained at ~$16 billion for 2026 [16][19] - **Inventory**: Increased to $11.6 billion with inventory days slightly down to 123 days [20][36] Conclusion Intel's Q4 results showed solid performance driven by datacenter demand, but the outlook for Q1 2026 is cautious due to supply constraints and declining client revenues. The company faces challenges in capacity management and rising costs, impacting future growth potential. The current market sentiment has led to a significant stock price increase, but fundamental concerns remain.

January 24, 2026 08:27 AM GMT Greater China Technology Hardware | Asia Pacific Implications from Intel Call and IDC 4Q PC Shipment Data Intel's comments on robust general server demand align with what we have seen in the supply chain. This increases our confidence in the companies with high server exposure, such as GCE (OW), Wiwynn (OW), Lotes (EW), and Unimicron (EW). Implications for our coverage from the Intel earnings call and commentary: On 1Q26 guidance, Intel (covered by Joseph Moore) again emphasize ...

21 January 2026 U.S. Semiconductors Intel, AMD: Here's something to take your mind off of Greenland...Q425 preview Stacy A. Rasgon, Ph.D. +1 213 559 5917 stacy.rasgon@bernsteinsg.com +1 917 344 8454 alrick.shaw@bernsteinsg.com Arpad von Nemes +1 917 344 8461 arpad.vonnemes@bernsteinsg.com Intel reports Q425 results on Thursday, January 22nd (call at 5:00pm ET; register here). AMD reports Q425 results on Tuesday, February 3rd (conference call at 5:00pm ET; dial-in 1-877-407-8037 or 201-689-8037, passcode 137 ...

沙箱隔离可控制AI Agent的潜在风险，带来CPU增量需求空间 智通财经APP获悉，财通证券发布研报称，随着AI Agent的持续发展，AI Agent沙箱技术有望逐渐配套 使用，沙箱隔离可控制AI Agent的潜在风险，带来CPU增量需求空间，而随着AI Agent持续沙箱化， CPU厂商及相关产业链有望迎来新的增长点。 财通证券主要观点如下： 海内外逐渐部署AI Agent沙箱化 海外：2025年12月，Meta以超过20亿美元收购Manus，Manus是一家以AI Agent与沙箱化架构为核心的 创新公司，有望加速沙箱化技术的推广和应用；国内：阿里云等主流云平台发布和迭代以AI Agent Sandbox为核心的AI Agent Infra产品体系，Agent沙箱化部署有望逐步落地。 AI Agent中的行动模块可以将大脑模块输出的抽象指令，转化为与外部世界交互的具体操作，而AI Agent的能力边界很大程度上取决于行动模块所能调用的工具的丰富度和可靠性，其中函数调用便是实 现工具使用的核心技术，它允许LLM在生成文本的同时，输出一个结构化的JSON对象，AI Agent的应 用程序代码会解析这个JS ...

英特尔与联电（2303）传将进行「世纪大合作」，英特尔要把独家用于下世代埃米级制程与先进封装关 键的独家技术「Super MIM」超级电容授权联电，联电技术能力将大跃进，双方并将携手抢攻AI世代大 商机，树立台美半导体合作新里程碑。 对于相关消息，联电表示，目前与英特尔的合作重心仍放在12奈米平台，持续强化制程竞争力与客户服 务，但未来不排除扩大合作范围，朝更多元技术领域发展。 该技术可在芯片内部即时提供瞬间电流支援、抑制电压下陷与电源杂讯，被视为18A等埃米级制程能否 顺利量产的关键电力基础模组之一。 消息人士透露，英特尔正规划优先将Super MIM超级电容技术向下导入与联电既有合作的12奈米／14奈 米制程平台，并延伸至先进封装相关应用。 业界分析，透过取得英特尔相关授权，联电在关键电力技术先行商品化与模组化再迈进大步，并建立其 成熟先进制程与先进封装领域差异化技术门槛。 若联电成功导入英特尔Super MIM超级电容技术，将不仅是单一制程优化，而是取得「先进电力模组」 这项跨世代关键能力，有助其切入AI加速器、高速运算、先进封装电源层等高附加价值应用，对联电 整体技术平台与客户结构具指标意义。 消息人 ...

扬子晚报网1月26日讯(记者范晓林)今天是周一，上周五锋龙股份（002931）18连板，江化微（603078）5连板，白银有色（601212）4连板，巨力索具 （002342）3连板，汉商集团（600774）5天3板。指数尾盘震荡拉升，北证50指数大涨超3%。沪深两市成交额3.09万亿，较上一个交易日放量3935亿。盘 面上，市场热点快速轮动，全市场超3900只个股上涨。板块方面，光伏、商业航天、黄金、AI应用端领涨。日前，OpenAI已开始在聊天机器人ChatGPT 平台为数十家广告商提供广告位服务，首批广告预计于2月初上线。AI应用端表现持续回暖，浙文互联（600986）反包涨停走出11天5板，带动易点天下 （301171）、蓝色光标（300058）、天龙集团（300063）、岩山科技（002195）等前期人气股不同程度展开反弹。 A.利好精选 18连板锋龙股份：2025年12月25日至2026年1月23日股价涨幅405.74%自1月26日开市起停牌核查 锋龙股份(002931.SZ)发布股票交易异常波动风险提示暨停牌核查的公告，公司股票自2025年12月25日至2026年1月23日已连续17个交易日涨停 ...

Core Viewpoint - Intel's stock dropped 16% following its earnings report, despite beating earnings and revenue estimates, primarily due to weaker guidance and supply chain issues [1][3][4]. Financial Performance - Intel exceeded earnings expectations by nearly 88% and also beat revenue estimates, indicating a solid quarter [4]. - The company's stock has increased by approximately 147% over the past year, but is currently trading at around 82 times forward earnings [9][10]. Guidance and Market Reaction - The negative market response is attributed to Intel's inability to meet demand and cited manufacturing issues, leading to softer guidance [3][6]. - Analysts are divided on whether the guidance reflects a temporary execution issue or a more structural problem for Intel [6][7]. Competitive Landscape - Intel is attempting to transition from being solely a chip designer to also becoming a chip maker, entering the competitive chip foundry market, which is currently dominated by Taiwan Semiconductor [5]. - Taiwan Semiconductor is viewed as a better investment in the foundry space, trading at about 27 times forward earnings compared to Intel's valuation [10][12]. Future Outlook - The demand for chips is driven by significant capital expenditures (capex) from major tech companies, expected to reach nearly $500 billion this year [13]. - The success of Intel in addressing its manufacturing issues and securing key clients will be critical for restoring investor confidence [12][13]. Investment Considerations - The current pullback in Intel's stock may present a buying opportunity, but investors are advised to consider the broader AI ecosystem rather than focusing solely on semiconductor stocks [16].

Core Viewpoint - Intel's Q4 earnings report revealed disappointing guidance for Q1, leading to a significant drop in stock price by 17.03% to $45.07 [1] Financial Performance - Q4 revenue was reported at $13.7 billion, reflecting a 4% year-over-year decrease [7] - Gross margin for Q4 was 36.1%, down from 39.2% in Q4 2024 [7] - Net loss attributable to Intel was $0.6 billion, compared to a loss of $0.1 billion in Q4 2024 [7] - Diluted loss per share was $0.12, worsening from a loss of $0.03 per share in Q4 2024 [7] Guidance and Outlook - Intel provided a revenue outlook for Q1 in the range of $11.7 billion to $12.7 billion [7] - Expected gross margin for Q1 is projected at 32.3% [7] - Diluted loss per share for Q1 is anticipated to be $0.21 [7] Manufacturing and Yield Issues - CEO Lip-Bu Tan emphasized the need for improved yields in Intel's 18A manufacturing process, which are currently below expectations [1][2] - Analyst John Vinh noted that Intel's foundry achieved yield rates of over 60%, but there are concerns that actual yields may still be below this threshold [2][3] - CFO David Zinsner highlighted that the decline in gross margin for Q1 is due to reduced revenue and the impact of Panther Lake on the cost structure [6][7]